Looking forward to buying a condominium can be an exciting experience. Generally, builders put new condominiums up for sale before the construction work has been begun or completed. Therefore, it is advantageous for you - you may select the desired floor, ask for changes, etc. However, buying a new condominium is not easy as you have to face some problems, such as money, location, design, area of the condominium, etc., and the complete documentation.

Here, we present some essential tips you should be aware of before buying a condo. These are given below :

Get Pre-approved For A Loan

Firstly, determine how much you can spend to buy a condominium in Pattaya. It is rare for anybody to save up to buy a home in cash. Most probably, you will have to take out a mortgage. Remember, a condo mortgage and a single-family loan are both different. Because condos are a type of shared ownership, they are examined to be riskier than family homes. That is the reason you should be pre-approved for a loan. You may need the following documents to get the loan:

● Income tax return

● Employment & Income records

● Bank statements

● Rent payments

After completion of documentation, the loan will be approved to you.

Try to Negotiate

It will be a perk if you have hired an agent. They will help you at the time of making an offer. Most sellers intentionally set high prices, knowing buyers can ask to bargain. Furthermore, the chances will be increased if you search the condominium at the average costs, figure out for how long the property has been in the market, and whether the seller is looking forward to selling quickly.

Fix a Meeting with Condo Board (HOA)

Every condo has an HOA (homeowners association) where all the residents have to pay monthly charges that are considered maintenance and other charges. Condos and HOAs work like key and lock, so you have to go with both. HOAs take care of the work, which will be a hassle for you, and they enforce some rules such as the size of the specific pet allowed or parking rules and regulations as they are a governing body. After finding a perfect condo, you will be approved by the HOA.

Do an Inspection of the Condominium

Inspection is not necessary, but it is recommended. The home inspector will inspect the unit's features, including the wiring, structure, space, and layout, and will guide you if anything needs to change or repair. Once you get the report, you can negotiate with the owner whether the total cost includes these repairing and replacement charges or not.

These are some crucial tips you should know during the time of buying a new condominium.

Conclusion:

If you are willing for a condo to purchase, contact Global Top Group. They provide various services, including loans, condominiums, and property in Pattaya to buy or rent.

If you want to know more about us, you can visit our website at Globaltopgroup.com or you can call us at +66(0)907477417.